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Excerpt from an article written by Daniel Lacalle:

Japan learned that lesson by turning the yen into a currency backed by huge dollar savings and increased its legal and investment security to the standards of the US or UK, despite its own monetary madness.

Is that so? Does the Bank of Japan, or Japanese people in general, hold a lot of USD in their bank accounts?

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Japan would seem to hold over 2 trillion dollars worth of US equities, long and short term debt at least as of June 30th 2019. It's had at that time the largest foreign (i.e. non US) holding of any country and most likely still does.

That doesn't mean that individual Japanese people have US dollar bank accounts but they may like many investors around the world have purchased US bonds that they hold most likely through brokers.

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